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This could be a historic moment in the Treasury market

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Caroline Purser | Getty Images

All of a sudden, the talk about the U.S. 10-year yield heading to World War II lows does not sound all that far-fetched.

That yield stands tall compared to the yields of the sovereigns from other developed nations.

The 10-year Japanese government bond, for instance, has a negative yield, and the German 10-year bund yield edged down to 0.08 percent Tuesday, closing in on its April 2015 intraday low of 0.04 percent.